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By Yashaswini Swamynathan
U.S. stocks were on track to open higher on Friday after a report showed U.S. job growth accelerated sharply last month, pointing to the strength of the labor market and increasing the odds of an interest rate hike next month.

However, the markets' gains are likely to be capped by IBM (IBM.N), whose shares tumbled 3.3 percent premarket after Warren Buffett said he sold about a third of his stake in the technology giant.

Nonfarm payrolls rose by 211,000 in April, the Labor Department said, well above the monthly average of 185,000 for this year and a jump from the gain of 79,000 in March. The unemployment rate fell to a near 10-year low.

"The market will like this number because there was some concern that the economy was slowing a little bit," said Michael Arone, chief investment strategist at State Street Global Advisors in Boston.

The Federal Reserve was not "giving much credence to some of the slower economic numbers in the first quarter, and this would confirm that view."

The odds of a rate hike in June jumped to 75 percent, from 70 percent before the jobs report, according to Thomson Reuters data.